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La Crescenta Update August 2019

Each month Harb & Co. compile real estate statistical information from the MLS. La Crescenta Update August 2019: Last month twenty-three La Crescenta homes (91214 zip) closed escrow. Prices ranged from a two bedroom, two bathroom, 898 sq ft home on 3rd Ave. which sold for $671,000 – $51,000 over asking price. On the high end was a five bedroom, four bathroom, 2,659 square foot home at 3052 Cloudcrest Rd. selling for $1,400,000.

Ten of these homes sold for over asking price. Five of these La Crescenta listings had a price reduction prior to selling. Ten homes sold for less than the original asking price and three at asking price. The graph below reflects the La Crescenta Housing Update August 2019

The absorption rate of 1.52% indicates that if there were no new listings, we would deplete housing inventory in just over a month. The current La Crescenta housing market is very unbalanced and very heavily favors home sellers.

“With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up. If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.” Read the rest here